Long-Term-Care Utility and Late-in-Life Saving
研究发现，老年人储蓄消耗缓慢的原因在于他们希望自我保险以应对长期护理风险，通过战略调查问题识别偏好并估计模型，解释了美国老年人财富持有行为。
Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated using these SSQs and wealth data from the Vanguard Research Initiative. The desire to self-insure against long-term-care risk explains a substantial fraction of the wealth holding of many older Americans.